PHILIPPINES: San Miguel to sell National Foods to Kirin
San Miguel said today (8 November) that it has reached an agreement with the Tokyo-based beer and beverage maker, in which it has a 20% stake, to sell National Foods for A$2.8bn (US$2.6bn).
Next month, Kirin is set to acquire all National Food shares from San Miguel, making it a "consolidated subsidiary", the company said.
San Miguel acquired National Foods in 2005 for A$1.9bn and has since consolidated Australian juice company Berri, cheese producer Lactos and Malaysian ice cream company Kings Creameries into the unit.
The sale of National Foods also coincides with San Miguel's divestment of Australian brewer J. Boag & Son, while earlier in the year the company announced plans to restructure its core businesses in the Philippines with the recent spin-off of its domestic beer operations.
San Miguel president and COO Ramon Ang said: "We believe growth and returns can be increased through continued focus and investment on San Miguel's advantaged core businesses.
"Therefore, following a strategic review of our Australian portfolio, we have decided it would be in the best interests of our shareholders to look into the sale of the business," Ang added.
Kirin Holdings and Sapporo Holdings are looking to merge their beer distribution in the north of Japan, according to local reports....
San Miguel Corp. is looking to reduce its debt from funds raised by the planned IPO of its domestic beer unit....
Domestic shipments of beer and beer-like products in Japan registered a fall in the first three months of 2008, according to recent figures....
Kirin Holdings is on the hunt for partnerships in India, Thailand and Vietnam, according to local reports....
Domestic shipments of beer and beer-like beverages in Japan rose slightly last month ahead of further price rises in the country, according to recent figures....
San Miguel Brewery, the beer arm of Philippines-based food and drinks group, San Miguel Corp., has posted a 9.4% increase in net profit to PHP8bn (US$196.5m) for 2007....
San Miguel Corp. has lined up the flotation of its domestic beer unit for later this year, according to local reports....
The prospect of price rises led to a leap in beer sales in Japan last month, according to recent figures....
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